Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Illinois Lawsuits Challenge Society Insurance’s Coronavirus Claim Denials
Apr 3 2020 // Two lawsuits have been filed in federal court in Illinois by a group of businesses — who were forced to close their operations by government authorities as a result of the COVID-19 pandemic — over the denial of...
This Insurance Would Have Helped in Coronavirus Crisis But Nobody Bought It
Apr 3 2020 // Like everyone else, Peter Lacovara is coping with COVID-19, working at home to limit contagion to the coronavirus and stay healthy. He’s also plugging away trying to keep businesses healthy, as well. In his role as a...
Fitch Places Lloyd’s of London’s on Rating Watch Negative on COVID-19 Crisis
Apr 3 2020 // Fitch Ratings has placed Lloyd’s of London’s ‘AA-‘ Insurer Financial Strength (IFS) ratings on rating watch negative, on the uncertainty and increased risk to Lloyd’s earnings and underwriting...
How Social Inflation May Affect Coronavirus Business Interruption Losses
Apr 2 2020 // COVID-19 could produce a big increase in social inflation, according to A.M. Best. The reason: expectations that businesses will sue their insurers in an attempt to access their business interruption coverage for losses...
COVID-19 Pandemic Threatens Gulf Insurers’ Earnings: S&P Report
Apr 2 2020 // The fallout from the coronavirus pandemic and tumbling oil prices threaten the earnings of insurers in the Gulf, S&P Global Ratings said on Wednesday, possibly leading to negative rating actions. “Most insurers...
Initial Insured Losses for UK’s February Floods Estimated at £297M (US$367.8M): PERILS
Apr 2 2020 // Initial insured losses for the floods that hit the UK in February are estimated at £297 million (US$367.8 milion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe...
Munich Re Withdraws 2020 Profit Guidance on COVID-19 Uncertainties
Apr 1 2020 // Munich Re is withdrawing its profit guidance of €2.8 billion (3.1 billion) for 2020 as a result of the “great uncertainty” caused by the macroeconomic and financial impacts of COVID-19 in combination with the...
Insurance Agency Employees Making More Money But Not as Happy
Mar 30 2020 // Insurance agency personnel on average made a little more money in 2019 but they were not as happy as they were in 2018. Nearly all personnel — owners, producers and support staff — enjoyed a slight uptick in...
P/C Insurers Put a Price Tag on Uncovered Coronavirus Business Interruption Losses
Mar 30 2020 // The property/casualty industry estimates that business interruption losses from the coronavirus just for small businesses in the U.S. could be between $220-$383 billion per month — or a quarter to half of the total...
Insured Losses from Europe’s Storm Victoria (aka Dennis) Estimated at €286M: PERILS
Mar 30 2020 // The initial insured property loss estimate for Europe’s extratropical cyclone “Victoria,” also known as “Dennis,” is an estimated €286 million (US$318.4 million), according to PERILS, the...
Just in California Announces Telematics Product for Low-Income Drivers
Mar 27 2020 // Los Angeles, Calif.-based Just Auto Insurance Inc. has launched a telematics-based auto insurance for lower income consumers. Just’s pricing model is based on an in-house telematics model, which uses data from more...
U.S. Lawsuit Wants China to Pay for Business Income Losses from Coronavirus
Mar 26 2020 // An attorney who represented victims of the Las Vegas shooting massacre has filed a federal lawsuit against China’s government over the new coronavirus, saying that officials hid information about the outbreak and...
Lloyd’s Returns to Profit, Says in ‘Strong Position’ to Respond to COVID-19
Mar 26 2020 // While announcing a return to profit of £2.5 billion (US$3 billion) for 2019, Lloyd’s also affirmed that the market is in a strong position to respond to the impacts of COVID-19. Lloyd’s return to profit was...
AM Best Warns Losses Could Be Big for P/C Insurers Writing Event Cancellation Business
Mar 25 2020 // Although event cancellation insurance represents a very small percentage of overall property/casualty premium, the losses for carriers that write this line of business amid the COVID-19 outbreak still could be significant,...
Coronavirus (COVID-19): Does Business Income Respond?
Mar 24 2020 // Over the past two weeks, the VU has received countless questions concerning COVID-19 (the coronavirus) and the business income policy. As authorities require businesses to limit activities or shut down completely, the fear...
Insured Losses for Europe’s Storm Sabine (aka Ciara) Estimated at €1.55B: PERILS
Mar 24 2020 // The initial loss estimate for extratropical cyclone Sabine”, also known as “Ciara” and “Elsa,” is €1.55 billion (US$1.8 billion), according to PERILS, the independent Zurich-based...
Commentary: Does Business Income Insurance Cover Coronavirus Shutdowns?
Mar 24 2020 // On March 16, a lawsuit was filed in district court in New Orleans seeking a declaratory judgment about whether the business income coverage in a Lloyd’s property policy would cover a government-mandated shutdown or...
Manufacturers: Mostly On Their Own to Face Coronavirus Insurance
Mar 23 2020 // Remote Work Not Much Help for Assembly Lines Property/casualty insurance professionals are trying to provide advice and empathy to their manufacturing clients coping with the effects of the spread of the coronavirus. But...
Insurers Reject House Members’ Request to Cover Uninsured COVID Business Losses
Mar 20 2020 // A bipartisan group of U.S. House members has asked insurers to retroactively recognize financial losses relating to COVID-19 under commercial business interruption coverage for policyholders. Eighteen House members made...
Analyst Says Specialty P/C Insurers More Likely to See Business Interruption Losses
Mar 19 2020 // The original property/casualty insurance industry reaction that business interruption losses may be modest may have been too optimistic, according to a leading insurance analyst. KBW’s Meyer Shields believes that the...
